Category: Financial Services

CFTC offices
July 20, 2018 BY Valentina Kirilova

CFTC reduces risk for customer funds held by derivatives clearing organizations

The Commodity Futures Trading Commission (CFTC) has unanimously approved an order that allows registered derivatives clearing organizations (DCOs) to invest customer euro cash in French and German sovereign debt. Allowing DCOs to invest customer euro cash in high-quality European sovereign debt poses less risk than the current practice of holding customer euro cash at commercial…

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moex moscow exchange
July 20, 2018 BY Valentina Kirilova

MOEX commits to FX Global Code

Moscow Exchange (MOEX:MOEX) announced that it it has signed a statement of commitment to the FX Global Code, pledging to support robust, fair, liquid, open and transparent foreign exchange markets. Moscow Exchange first announced its intention to join the Global Code in January 2018. The FX Global Code (Global Code) is a set of global…

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fma warns against unregulated company
July 19, 2018 BY Valentina Kirilova

NSSC issues a cease trade order against Ocean Links Investments

The Nova Scotia Securities Commission (NSSC) announced that it has issued a cease trade order against Ocean Links Investments Inc. The company, a Nova Scotia community economic development corporation, violated securities laws by failing to file continuous disclosure documents. The director of corporate finance ordered Ocean Links Investments Inc. to comply with Nova Scotia securities…

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fma warning
July 19, 2018 BY Valentina Kirilova

New Zealand FMA warns against MBI International or MFC Club

The Financial Markets Authority (FMA) has just issued a warning against a company called MBI International and/or MFC Club. Reason for warning: The FMA informed that it is concerned that a Malaysian based loyalty scheme, MBI International also trading as MFC Club (MFC Club) is being promoted in New Zealand. The regulator has received reports…

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July 19, 2018 BY Valentina Kirilova

Temenos Advisory's CEO charged with misleading retail investors

The Securities and Exchange Commission (SEC) announced that it has charged a Connecticut-based investment advisory firm and its chief executive officer with putting $19 million of investor money, including elderly investors’ retirement savings and pension plans, in risky investments and secretly pocketing hefty commissions from those investments. The SEC’s complaint alleges that Temenos Advisory Inc.…

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asic ban
July 19, 2018 BY Valentina Kirilova

ASIC suspends AFS license of SMSF financial adviser

Australian regulator ASIC announced that it has banned Queensland financial adviser James Cribb from providing financial services for four years and suspended his Australian financial services (AFS) license, held by Mode AFSL Pty Ltd (Mode), for 10 weeks. ASIC found that Mr Cribb failed to act in his clients' best interests when providing advice on…

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Shenzhen Stock Exchange
July 18, 2018 BY Valentina Kirilova

Shenzhen Stock Exchange launches Bond Pledge-style Tri-Party repo business

Shenzhen Stock Exchange (SZSE) and China Securities Depository and Clearing (CSDC) have officially released the Provisional Measures on Bond Pledge-style Tri-party Repo Transactions and Settlement (Provisional Measures) to further improve the mechanism for repo transactions and relevant services to market participants. Meanwhile, to elaborate on and specify relevant matters in the Provisional Measures, SZSE also…

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ESMA bond liquidity data
July 18, 2018 BY Valentina Kirilova

ESMA clarifies endorsement regime for non-EU credit ratings

The European Securities and Markets Authority (ESMA) has published today supplementary guidance on the application of the endorsement regime for non-EU credit ratings under the Credit Rating Agencies Regulation (CRAR). In order to ensure that third-country credit ratings, which are endorsed for use by EU investors, meet requirements which are at least as stringent as…

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